The feed phytogenics market is estimated at USD 631.4 million in 2018
and is projected to grow at a CAGR of 8.8%, to reach USD 962.5 million
by 2023.

Feed phytogenics play a crucial role as natural growth promoters in
livestock. They have evolved as key feed additives; they increase feed
intake, improve gut function, prevent diarrhea, and have anti-microbial
and anti-oxidative effects on livestock. The major drivers of this
industry are increasing animal husbandry, implementation of new
technology such as encapsulation in feed phytogenics, and increasing
focus on untapped markets such as Brazil, Thailand, Vietnam, China, and
India. However, the high cost of these natural feed additives and
complex composition of phytogenic feed additives are some of the factors
restraining the growth of the feed phytogenics market.

On the basis of function, the palatability enhancers segment is
projected to grow at the highest CAGR from 2018 to 2023. The use of
phytogenics as palatability enhancers is gaining popularity with the
increasing need to increase the productivity of animals due to the
increasing demand for animal-based products. These products increase the
feed intake in the animals, especially in the younger animals, thereby
promoting the growth of the animals.